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Nov 3, 2020 - Energy & Environment

The next phase of Volvo's EV push

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Volvo XC40 Recharge P8 Electric vehicle

Volvo XC40 Recharge P8 Electric vehicle at Beijing International Auto Show. Photo: Costfoto/Barcroft Media via Getty Images)

Volvo said it's making "significant investments" to bring design and development of electric motors in-house as the automaker prepares to expand its electric vehicle lineup.

Why it matters: Volvo's goal is to have EVs account for 50% of its sales by 2025, with the rest hybrids.

  • The move will allow its engineers to "further optimize electric motors and the entire electric driveline in new Volvos" to bolster efficiency and performance, Volvo said Monday.

Where it stands: Volvo — which is owned by China's Geely Holding — yesterday announced the opening of a new electric motor lab in Shanghai, which adds to ongoing motor and battery development in Sweden and China.

  • The size of the investment in the new Shanghai lab was not disclosed
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